Lennar Corporation
- What it sells
- Home is 94% of revenue (fiscal year to Nov 2025), down from 95% two years earlier.
- Growing?
- No: revenue down 9% on a year earlier (quarter ended Aug 2026).
- Expensive?
- P/E (trailing) 15.8×. Priced 15% above the peer median of 13.7x.
- Analysts?
- 10% of 21 say buy; average 12-month target $77.60, 7% below today's price.
- Risky?
- Swingier than most large companies: its price swung 41% over the past year (the S&P 500's 14%), and it fell as much as 61% since Nov 2021.
Lennar Corporation is a U.S. homebuilder that designs, builds, and sells single-family homes (often marketed with Everything’s Included® features) and also provides related financial services such as mortgage and title through affiliated operations.
More about Lennar
Revenue is driven primarily by home sales (including upgrades/option revenue embedded in community offerings) and, secondarily, by mortgage origination/secondary-market and title/settlement fees.
Market Position
Lennar is one of the largest U.S. production homebuilders, competing nationally on scale, land sourcing, construction efficiency, and an integrated go-to-market that can bundle home + financing + closing services. Its differentiation is typically framed around standardized offerings (e.g., Everything’s Included®) and operating model initiatives such as a land-light approach.
Key Segments
Lennar’s notable operating activities include Homebuilding, Financial Services (e.g., Lennar Mortgage and Lennar Title), and multifamily / rental-related activities (including development and/or investment exposure), alongside technology/innovation initiatives under LenX.
How has the stock done?
Over the past month LEN rose 12.0%; the homebuilder ETF (XHB) rose 7.7% and the S&P 500 fell 2.7%.
Over the past six months LEN fell 2.7%; the homebuilder ETF (XHB) rose 1.4% and the S&P 500 rose 2.6%.
Over the past year LEN fell 32.7%; the homebuilder ETF (XHB) fell 4.4% and the S&P 500 rose 10.8%.
Over five years LEN fell 20.2%; the homebuilder ETF (XHB) rose 22.9% and the S&P 500 rose 62.0%.
From Sep 19, 2024 to Oct 14, 2026, the deepest drop from a high since Nov 2021
How much the price swings in a year; the S&P 500's was 14%
When the S&P 500 moves 1%, the stock has moved about 0.9% the same way
Show the earnings releases
| Released | Quarter | Revenue | EPS vs estimate | Stock, day after | 5 days after |
|---|---|---|---|---|---|
| Sep 16, 2026 | ended Aug 2026 | $8.0B (−9% vs a year earlier) | $1.23 vs $1.29 (missed) | −0.5% | +1.8% |
| Jun 11, 2026 | ended May 2026 | $7.9B (−5% vs a year earlier) | $1.31 vs $1.23 (beat) | +0.5% | −0.1% |
| Mar 12, 2026 | ended Feb 2026 | $6.6B (−13% vs a year earlier) | $0.88 vs $0.95 (missed) | −1.7% | −3.0% |
| Dec 16, 2025 | ended Nov 2025 | $9.4B (−6% vs a year earlier) | $2.03 vs $2.18 (missed) | −6.3% | −12.5% |
| Sep 19, 2025 | ended Aug 2025 | $8.8B (−6% vs a year earlier) | — | −8.2% | −5.1% |
| Jun 17, 2025 | ended May 2025 | $8.4B (−4% vs a year earlier) | — | −5.6% | +0.3% |
| Mar 20, 2025 | ended Feb 2025 | $7.6B (+4% vs a year earlier) | — | −4.2% | −1.9% |
| Dec 18, 2024 | ended Nov 2024 | $9.9B (−9% vs a year earlier) | — | −8.6% | −8.5% |
| Sep 19, 2024 | ended Aug 2024 | $9.4B (+8% vs a year earlier) | — | −3.3% | −2.9% |
| Jun 17, 2024 | ended May 2024 | $8.8B (+9% vs a year earlier) | — | −4.1% | −3.8% |
| Mar 13, 2024 | ended Feb 2024 | $7.3B (+13% vs a year earlier) | — | −7.9% | −1.4% |
| Dec 14, 2023 | ended Nov 2023 | $11.0B (+8% vs a year earlier) | — | +2.8% | +1.9% |
| Sep 14, 2023 | ended Aug 2023 | $8.7B (−2% vs a year earlier) | — | −1.0% | −2.4% |
| Jun 14, 2023 | ended May 2023 | $8.0B (−4% vs a year earlier) | — | +3.3% | +4.6% |
| Mar 14, 2023 | ended Feb 2023 | $6.5B (+5% vs a year earlier) | — | +1.2% | +4.6% |
| Dec 14, 2022 | ended Nov 2022 | $10.2B | — | +4.1% | 0.0% |
| Sep 21, 2022 | ended Aug 2022 | $8.9B | — | +0.7% | +0.8% |
| Jun 21, 2022 | ended May 2022 | $8.4B | — | +4.7% | +7.9% |
| Mar 16, 2022 | ended Feb 2022 | $6.2B (+16% vs a year earlier) | — | +3.5% | −1.6% |
| Dec 15, 2021 | ended Nov 2021 | $8.4B (+24% vs a year earlier) | — | −2.4% | +1.1% |
Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.
Is the business growing?
Revenue was $8.0B in the quarter ended Aug 2026, down 9% from a year earlier.
Show the data
| Quarter ended | Revenue | vs a year earlier |
|---|---|---|
| Nov 2022 | $10.2B | — |
| Feb 2023 | $6.5B | +5% |
| May 2023 | $8.0B | −4% |
| Aug 2023 | $8.7B | −2% |
| Nov 2023 | $11.0B | +8% |
| Feb 2024 | $7.3B | +13% |
| May 2024 | $8.8B | +9% |
| Aug 2024 | $9.4B | +8% |
| Nov 2024 | $9.9B | −9% |
| Feb 2025 | $7.6B | +4% |
| May 2025 | $8.4B | −4% |
| Aug 2025 | $8.8B | −6% |
| Nov 2025 | $9.4B | −6% |
| Feb 2026 | $6.6B | −13% |
| May 2026 | $7.9B | −5% |
| Aug 2026 | $8.0B | −9% |
Revenue went from $33.7B in FY22 to $34.2B in FY25; net income from $4.6B to $2.1B.
Show the data
| Fiscal year | Revenue | Net income |
|---|---|---|
| FY22 | $33.7B | $4.6B |
| FY23 | $34.2B | $3.9B |
| FY24 | $35.4B | $3.9B |
| FY25 | $34.2B | $2.1B |
In the fiscal year to Nov 2025, Home was 94% and Other revenues was 6% of revenue.
Show the data
| Fiscal year | Part | Revenue | Share |
|---|---|---|---|
| FY2023 | Home | $32.5B | 95% |
| FY2023 | Other revenues | $1.7B | 5% |
| FY2023 | Land sales revenues | $110M | 0.3% |
| FY2024 | Home | $33.8B | 95% |
| FY2024 | Other revenues | $1.6B | 4% |
| FY2024 | Land sales revenues | $93M | 0.3% |
| FY2025 | Home | $32.1B | 94% |
| FY2025 | Other revenues | $2.0B | 6% |
| FY2025 | Land sales revenues | $130M | 0.4% |
A year earlier $2.29
Quarters: Lennar Corporation's SEC filings, named by the month they end. Fiscal years: Lennar Corporation's annual reports to the SEC.
How it makes money
Of every $100 in revenue, $6.1 ends up as net income. Net margin fell from 13.7% to 6.1% over the past 3 years.
−11.5 pts over 3 years
−12.1 pts over 3 years
−7.6 pts over 3 years
Each margin is that line of the income statement divided by revenue. Fiscal year: Lennar Corporation's annual reports to the SEC.
Customers and suppliers
In its latest annual report Lennar buys from FivePoint, Millrose, Invitation Homes; sells to Upward America.
Suppliers
Customers
Partners
FivePoint FPHLennar invested in it · Investment in master planned community developer40% ownership; $585.2 million carrying amount at November 30, 2025Invitation Homes INVHJoint venture with Upward AmericaChanges since the previous annual report (10-K filed Jan 23, 2025)
Blend BLNDNo longer named (was a partner)
Hippo HIPONo longer named (was a partner)
Opendoor OPENNo longer named (was a partner)
SmartRent SMRTNo longer named (was a partner)Show the filing's words
| Company | Role | In the filing's words |
|---|---|---|
| FivePoint | partner · Lennar invested in it | “(2)Included in the Company's recorded investments in Homebuilding unconsolidated entities is the Company's 40% ownership of FivePoint. As of November 30, 2025 and 2024, the carrying amount of the Company's investment was $585.2 million and $470.8 million, respectively.” |
| FivePoint | supplier | “We sometimes purchase properties from FivePoint for use in our homebuilding operations.” |
| Millrose | supplier | “In addition, we entered into a number of agreements with Millrose, pursuant to which Millrose provides Lennar with land acquisition and horizontal development financing solutions. We rely on Millrose to satisfy its performance and payment obligations under these agreements for a substantial portion of our homesite acquisition and development.” |
| Upward America | partner · joint venture with it | “As of November 30, 2025, institutional investors and Lennar had committed $1.0 billion to Upward America, part of which was used to reduce an initial commitment Lennar had made from $225 million to $78.1 million.” |
| Upward America | customer | “Initially all the homes purchased by Upward America were purchased from Lennar, but subsequently, Upward America began purchasing homes from multiple homebuilders.” |
| Invitation Homes | partner · joint venture with it | “In April 2024, Upward America entered into a joint venture agreement and property management agreement with Invitation Homes.” |
| Invitation Homes | supplier | “In addition, Lennar engaged Invitation Homes to provide certain asset management services for the Upward America Venture.” |
| LMV I | partner · joint venture with it | “The Multifamily segment manages and has investments in LMV I, LMV II and Canada Pension Plan Investments (the "CPPIB Fund") and a new joint venture with an institutional investor (the "Institutional JV"), which are long-term multifamily development investment vehicles involved in the development, construction and ownership of class-A multifamily assets.” |
| LMV II | partner · joint venture with it | “The Multifamily segment manages and has investments in LMV I, LMV II and Canada Pension Plan Investments (the "CPPIB Fund") and a new joint venture with an institutional investor (the "Institutional JV"), which are long-term multifamily development investment vehicles involved in the development, construction and ownership of class-A multifamily assets.” |
| CPPIB Fund | partner · joint venture with it | “The Multifamily segment expects the CPPIB Fund to have almost $1.0 billion in equity and Lennar's ownership percentage in the CPPIB Fund is 4%. As of November 30, 2025, the Company has a $28.0 million investment in the CPPIB Fund.” |
| Institutional JV | partner · joint venture with it | “The Company's stated ownership percentage in the Institutional JV is 10%. As of November 30, 2025, the Company holds a $48.0 million investment in the Institutional JV.” |
Only the companies Lennar names in its 10-K filed Jan 28, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.
Is it expensive?
P/E of 15.8x, above the peer median of 13.7x, with earnings roughly flat, so be careful.
Priced 15% above the peer median of 13.7x.
Show the data
| Company | P/E (trailing) |
|---|---|
| IBP · Installed Building Products, Inc. | 25.5× |
| NVR · NVR, Inc. | 16× |
| LEN · Lennar Corporation | 15.8× |
| DHI · D.R. Horton, Inc. | 13.7× |
| PHM · PulteGroup, Inc. | 13.6× |
| TOL · Toll Brothers, Inc. | 11.9× |
LEN has no trailing P/E on its latest close from SEC filings; since Oct 2021 the median was 8.5×, the middle half 6.5×–11.0×.
Show the data
| Date | Trailing P/E |
|---|---|
| Nov 8, 2021 | 7.9× |
| Feb 8, 2022 | 6.6× |
| May 10, 2022 | 5.9× |
| Aug 10, 2022 | 6.0× |
| Nov 8, 2022 | 5.1× |
| Feb 9, 2023 | 6.4× |
| May 11, 2023 | 7.1× |
| Aug 11, 2023 | 8.4× |
| Nov 9, 2023 | 8.9× |
| Feb 12, 2024 | 11.5× |
| May 13, 2024 | 11.4× |
| Aug 13, 2024 | 11.6× |
| Nov 11, 2024 | 11.4× |
| Feb 13, 2025 | 8.6× |
| May 15, 2025 | 8.0× |
| Aug 15, 2025 | 10.9× |
| Nov 13, 2025 | 12.0× |
| Feb 17, 2026 | 12.0× |
| Mar 19, 2026 | 9.3× |
Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits. The P/E in the key figures is Yahoo Finance's: the latest close over its trailing earnings.
What analysts expect
The average analyst price target is $77.60, 7% below the current price; 10% of 21 analysts rate it a buy; earnings beat estimates in 1 of the last 4 quarters.
Buy or Strong Buy: 2 analysts (10%). Sell or Strong Sell: 10.
Over the past year the average of the analysts' latest price targets went from $121.55 to $75.25 (−38%), while LEN went from $121.24 to $83.58 (−31%). In the past three months targets were raised once and cut 10 times. No upgrades and 9 downgrades over the year; the latest: Keefe, Bruyette & Woods moved it to Underperform from Market Perform on Jun 9, 2026.
Show every change
| Date | Firm | Change | Rating | Target |
|---|---|---|---|---|
| Nov 3, 2026 | Morgan Stanley | Target cut | Underweight | $58.00, was $65.00 |
| Nov 2, 2026 | Wells Fargo | Target raised | Equal-Weight | $80.00, was $75.00 |
| Oct 7, 2026 | Wells Fargo | Target cut | Equal-Weight | $75.00, was $80.00 |
| Oct 6, 2026 | Melius Research | Began coverage | Sell | $72.00 |
| Oct 1, 2026 | Morgan Stanley | Began coverage | Underweight | $65.00 |
| Sep 22, 2026 | Keefe, Bruyette & Woods | Target cut | Underperform | $75.00, was $85.00 |
| Sep 21, 2026 | Citigroup | Target cut | Neutral | $85.00, was $88.00 |
| Sep 18, 2026 | RBC Capital | Target cut | Underperform | $69.00, was $85.00 |
| Sep 18, 2026 | Barclays | Target cut | Underweight | $70.00, was $79.00 |
| Sep 18, 2026 | Evercore ISI Group | Target cut | Underperform | $78.00, was $87.00 |
| Sep 17, 2026 | Citizens | Rating kept | Market Perform | — |
| Sep 16, 2026 | Truist Securities | Target cut | Hold | $75.00, was $80.00 |
| Sep 14, 2026 | B of A Securities | Target cut | Underperform | $70.00, was $77.00 |
| Sep 11, 2026 | Wells Fargo | Target cut | Equal-Weight | $80.00, was $85.00 |
| Sep 4, 2026 | StoneX | Began coverage | Hold | — |
| Aug 6, 2026 | Truist Securities | Target cut | Hold | $80.00, was $90.00 |
| Jul 15, 2026 | Citigroup | Target cut | Neutral | $88.00, was $104.00 |
| Jun 16, 2026 | UBS | Target cut | Neutral | $94.00, was $107.00 |
| Jun 16, 2026 | JP Morgan | Target cut | Underweight | $77.00, was $80.00 |
| Jun 15, 2026 | B of A Securities | Target cut | Underperform | $77.00, was $84.00 |
| Jun 15, 2026 | RBC Capital | Target cut | Underperform | $85.00, was $88.00 |
| Jun 15, 2026 | Barclays | Target cut | Underweight | $79.00, was $80.00 |
| Jun 15, 2026 | Wells Fargo | Target cut | Equal-Weight | $85.00, was $90.00 |
| Jun 15, 2026 | Evercore ISI Group | Target raised | Underperform | $87.00, was $82.00 |
| Jun 9, 2026 | Keefe, Bruyette & Woods | Downgrade | Underperform, was Market Perform | $86.00, was $97.00 |
| Apr 13, 2026 | Evercore ISI Group | Target cut | Underperform | $82.00, was $89.00 |
| Apr 8, 2026 | Wells Fargo | Target cut | Equal-Weight | $90.00, was $100.00 |
| Apr 8, 2026 | Barclays | Target cut | Underweight | $80.00, was $85.00 |
| Apr 7, 2026 | Seaport Global | Downgrade | Sell, was Buy | $74.00, was $140.00 |
| Apr 1, 2026 | Keefe, Bruyette & Woods | Target cut | Market Perform | $97.00, was $105.00 |
| Mar 31, 2026 | Truist Securities | Target cut | Hold | $90.00, was $95.00 |
| Mar 18, 2026 | Keefe, Bruyette & Woods | Target cut | Market Perform | $105.00, was $115.00 |
| Mar 17, 2026 | Evercore ISI Group | Target cut | Underperform | $89.00, was $91.00 |
| Mar 17, 2026 | Citigroup | Target cut | Neutral | $104.00, was $113.00 |
| Mar 16, 2026 | UBS | Target cut | Neutral | $107.00, was $122.00 |
| Mar 16, 2026 | Barclays | Target cut | Underweight | $85.00, was $88.00 |
| Mar 16, 2026 | Truist Securities | Target cut | Hold | $95.00, was $110.00 |
| Mar 16, 2026 | Wells Fargo | Target cut | Equal-Weight | $100.00, was $105.00 |
| Mar 16, 2026 | Evercore ISI Group | Target cut | Underperform | $91.00, was $92.00 |
| Mar 4, 2026 | Truist Securities | Began coverage | Hold | $110.00 |
| Jan 8, 2026 | Citigroup | Target cut | Neutral | $113.00, was $133.00 |
| Jan 7, 2026 | Citizens | Downgrade | Market Perform, was Market Outperform | — |
| Jan 6, 2026 | Wells Fargo | Target cut | Equal-Weight | $105.00, was $110.00 |
| Jan 6, 2026 | UBS | Downgrade | Neutral, was Buy | $122.00, was $137.00 |
| Dec 18, 2025 | JP Morgan | Target cut | Underweight | $80.00, was $115.00 |
| Dec 18, 2025 | Barclays | Target cut | Underweight | $88.00, was $98.00 |
| Dec 18, 2025 | UBS | Target cut | Buy | $137.00, was $161.00 |
| Dec 18, 2025 | Wells Fargo | Target cut | Equal-Weight | $110.00, was $125.00 |
| Dec 18, 2025 | Keefe, Bruyette & Woods | Target cut | Market Perform | $115.00, was $125.00 |
| Dec 18, 2025 | RBC Capital | Downgrade | Underperform, was Sector Perform | $95.00, was $106.00 |
| Dec 18, 2025 | B of A Securities | Downgrade | Underperform, was Neutral | $95.00, was $125.00 |
| Dec 18, 2025 | Evercore ISI Group | Downgrade | Underperform, was In-Line | $92.00, was $114.00 |
| Dec 8, 2025 | Barclays | Downgrade | Underweight, was Equal-Weight | $98.00, was $95.00 |
| Dec 4, 2025 | JP Morgan | Downgrade | Underweight, was Neutral | $115.00, was $118.00 |
Show the data
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| Nov ’25 | $2.18 | $2.03 | −6.9% |
| Feb ’26 | $0.95 | $0.88 | −7.4% |
| May ’26 | $1.23 | $1.31 | +6.5% |
| Aug ’26 | $1.29 | $1.23 | −4.7% |
The day after each of these reports the stock moved −6.3% (Nov 2025, missed); −1.7% (Feb 2026, missed); +0.5% (May 2026, beat); −0.5% (Aug 2026, missed).
For the quarter ending Nov 2026 (Lennar reports on Dec 15, 2026), analysts expect adjusted earnings of $1.44 a share, 29% less than the $2.03 of a year earlier, and revenue of $8.8B, down 6% on a year earlier. For the fiscal year ending Nov 2027, they expect adjusted earnings of $5.22 a share, 6% more than the year before's estimate of $4.94, and revenue of $32.1B, up 2% on the year before's estimate.
Adjusted. Nov 2025: $2.03; range $1.37 to $1.55; 11 analysts
Nov 2025: $9.4B; range $8.7B to $9.0B; 7 analysts
Adjusted. The year to Nov 2026: $4.94 expected; range $3.95 to $6.98; 12 analysts
The year to Nov 2026: $31.5B expected; range $29.9B to $33.9B; 9 analysts
Show the data
| Period | Figure | Expected | Low to high | Analysts | A year earlier | Change |
|---|---|---|---|---|---|---|
| Quarter ending Nov 2026, results Dec 15, 2026 | EPS (adjusted) | $1.44 | $1.37 to $1.55 | 11 | $2.03 (Nov 2025) | −29% |
| Quarter ending Nov 2026, results Dec 15, 2026 | Revenue | $8.8B | $8.7B to $9.0B | 7 | $9.4B (Nov 2025) | −6% |
| Quarter ending Feb 2027 | EPS (adjusted) | $0.65 | $0.44 to $0.84 | 7 | $0.88 (Feb 2026) | −26% |
| Quarter ending Feb 2027 | Revenue | $7.0B | $6.3B to $8.0B | 5 | $6.6B (Feb 2026) | +5% |
| Year ending Nov 2026 | EPS (adjusted) | $4.94 | $4.75 to $5.39 | 10 | — | — |
| Year ending Nov 2026 | Revenue | $31.5B | $31.1B to $32.4B | 10 | $34.2B (year to Nov 2025) | −8% |
| Year ending Nov 2027 | EPS (adjusted) | $5.22 | $3.95 to $6.98 | 12 | $4.94 (expected, year to Nov 2026) | +6% |
| Year ending Nov 2027 | Revenue | $32.1B | $29.9B to $33.9B | 9 | $31.5B (expected, year to Nov 2026) | +2% |
Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.
Where the cash goes
Generated $720M in free cash flow over the year and returned more than it generated: $1.8B went back to shareholders (dividends plus buybacks), so $1.0B came from cash on hand or borrowing.
Show the data
| Line | Amount |
|---|---|
| Op. cash flow | $880M |
| Capex | −$160M |
| Free cash flow | $720M |
| Dividends | −$500M |
| Buybacks | −$1.2B |
| Cash retained | −$1.0B |
For every $100 of market cap, the company generates about $3.6 in free cash flow a year.
For every $100 of market cap, you receive about $2.4 in dividends a year.
Dividends plus buybacks over the last four quarters: for every $100 of market cap, about $8.8 went back to shareholders.
Show the data
| Quarter ended | Free cash flow | Dividends | Buybacks |
|---|---|---|---|
| Aug 2023 | $930M | $107M | $376M |
| Nov 2023 | $2.5B | $105M | $341M |
| Feb 2024 | $295M | $139M | $595M |
| May 2024 | $203M | $139M | $610M |
| Aug 2024 | $801M | $136M | $525M |
| Nov 2024 | $933M | $135M | $527M |
| Feb 2025 | −$345M | $132M | $774M |
| May 2025 | −$1.1B | $134M | $521M |
| Aug 2025 | −$191M | $129M | $512M |
| Nov 2025 | $1.7B | $127M | $57K |
| Feb 2026 | −$463M | $123M | $270M |
| May 2026 | −$303M | $123M | $467M |
Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter.
Financial health
Current ratio 10.7, no pressure to repay short-term debt; debt-to-equity 0.3, debt is very low and the balance sheet is solid.
Assets that can be turned into cash soon are 10.7x what is owed within a year. 1.5 or higher is comfortable; below 1 needs watching.
For every $1 of shareholder funds, there is $0.3 of debt. The higher the number, the more pressure when the economy weakens.
Cash and short-term investments of $3.8B against debt of $5.9B. It also holds $2.9B of long-term investments, $347M of them securities it could sell.
Latest fiscal year balance sheet. Source: Yahoo Finance.
Who holds it
In the filings of 7 funds whose copy leaves LEN out (not traded on the exchange): Nan Shan Life Insurance, Berkshire Hathaway, Canada Pension Plan Investment Board, Swiss National Bank, Norges Bank, Mirae Asset Global Investments and 1 more.
What did the funds Hunch tracks do?
Of the 83 funds whose 13F filings Hunch reads, 11 held LEN at the end of their latest quarter (for most, Q2 2026). Over that quarter 6 added shares, 4 cut, 1 bought new and 1 sold all. The largest of them is Berkshire Hathaway, 13.11M shares worth $1.2B at Jun 30, 2026, 29.8% more than a quarter earlier.
1 of them new holders
1 of them sold all
Show every fund
| Fund | Quarter | Shares | Value | Change in shares | Change | Filed |
|---|---|---|---|---|---|---|
| Berkshire Hathaway | Q2 2026 | 13.11M | $1.2B | +3.01M | +30% | Aug 14, 2026 |
| Norges Bank | Q2 2026 vs Q4 2025 | 2.46M | $223M | −163,693 | −6.2% | Aug 12, 2026 |
| Canada Pension Plan Investment Board | Q2 2026 | 526,226 | $47.6M | +512,145 | +3637% | Aug 14, 2026 |
| Swiss National Bank | Q3 2026 | 546,968 | $44.6M | −29,800 | −5.2% | Nov 12, 2026 |
| Tudor Investment Corp Et Al | Q2 2026 | 368,118 | $33.3M | −11,168 | −2.9% | Aug 14, 2026 |
| Nan Shan Life Insurance | Q2 2026 | 328,000 | $29.7M | +322,869 | +6293% | Aug 14, 2026 |
| Renaissance Technologies | Q3 2026 | 0 | — | −322,139 | Sold all | Nov 12, 2026 |
| Korea Investment | Q2 2026 | 90,419 | $8.2M | −17,418 | −16% | Aug 12, 2026 |
| Mirae Asset Global Investments | Q3 2026 | 67,365 | $5.5M | +670 | +1.0% | Nov 3, 2026 |
| National Pension Service | Q3 2026 | 22,062 | $1.8M | +6,578 | +42% | Nov 12, 2026 |
| Nomura Holdings | Q2 2026 | 15,665 | $1.4M | +11,005 | +236% | Aug 14, 2026 |
| Bridgewater Associates | Q2 2026 | 15,239 | $1.4M | +15,239 | New | Aug 14, 2026 |
From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of LEN at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.